中国北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮政编码 100025 电话: (86-10) 5809-1000 传真: (86-10) 5809-1100 关于北京四方继保自动化股份有限公司 启航 2 号限制性股票激励计划 首次授予部分第二个解除限售期解除限售条件成就及回购 注销部分限制性股票的 法律意见书 二〇二五年十月 中国北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮政编码 100025 电话: (86-10) 5809-1000 传真: (86-10) 5809-1100 北京市竞天公诚律师事务所 关于北京四方继保自动化股份有限公司 北京市竞天公诚律师事务所 启航 2 号限制性股票激励计划 首次授予部分第二个解除限售期解除限售条件成就及回购 注销部分限制性股票的 法律意见书 致：北京四方继保自动化股份有限公司 北京市竞天公诚律师事务所（以下简称"本所"）接受北京四方继保自动化 股份有限公司（以下简称"四方股份"或"公司"）委托，担任四方股份启航 2 号限制性股票激励计划（以下简称"本次激励计划"）的专项中国法律顾问，根 据《中华人民共和国公司法》（以下简称"《公 ...

证券代码：601126 证券简称：四方股份 上海荣正企业咨询服务（集团） 股份有限公司 关于 北京四方继保自动化股份有限公司 回购注销部分限制性股票相关事项 之 独立财务顾问报告 2025 年 10 月 1 / 10 | 二、声明 | 4 | | --- | --- | | 三、基本假设 | 5 | | 四、本次激励计划的审批程序 6 | | | 五、独立财务顾问意见 9 | | 一、释义 本独立财务顾问报告中，除非文义载明，下列简称具有如下含义： | 四方股份、本公司、公 | 指 | 北京四方继保自动化股份有限公司 | | --- | --- | --- | | 司、上市公司 | | | | 独立财务顾问、财务顾 | 指 | 上海荣正企业咨询服务（集团）股份有限公司 | | 问 | | | | 本激励计划、本计划、 | | 北京四方继保自动化股份有限公司启航 号限制性股票激励 2 | | 限制性股票激励计划、 股权激励计划 | 指 | 计划 | | | | 公司根据本激励计划规定的条件和价格，授予激励对象一定数 | | 限制性股票 | 指 | 量的公司股票，该等股票设置一定期限的限售期，在达到本激 | | ...

北京四方继保自动化股份有限公司（以下简称"公司"）于2025年10月28 日召开第八届董事会第三次会议，审议通过了《关于启航2号限制性股票激励计 划首次授予部分第二个解除限售期解除限售条件成就的议案》《关于回购注销部 分激励对象已获授但尚未解除限售的限制性股票的议案》。根据《上市公司股权 激励管理办法》《北京四方继保自动化股份有限公司启航2号限制性股票激励计 划（草案）》的相关规定，鉴于公司启航2号限制性股票激励计划中1名激励对象 因离职不再具备激励对象资格，公司董事会同意对其持有的已获授但尚未解除限 售的全部限制性股票共计10,000股进行回购注销；1名激励对象2024年度个人考 核结果不符合第二个解除限售期解除限售条件，公司董事会同意对其持有的第二 个解除限售期限制性股票15,000股进行回购注销；本次将对上述2名激励对象持 有的限制性股票共计25,000股进行回购注销。本次回购注销完成后，公司总股本 预计将减少25,000股，公司注册资本也相应减少25,000元。具体内容详见公司同 日于上海证券交易所网站（www.sse.com.cn）披露的《关于回购注销部分激励对 象已获授但尚未解除限售的限制性股票的 ...

证券代码：601126 证券简称：四方股份 公告编号：2025-046 北京四方继保自动化股份有限公司 第八届董事会第三次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、董事会会议召开情况 北京四方继保自动化股份有限公司（以下简称"公司"）于2025年10月28 日在湖州基地以现场方式召开第八届董事会第三次会议。本次会议通知于2025 年10月24日以电子邮件的方式发出，会议由董事长高秀环女士召集和主持，会议 应出席董事9名，实际出席董事9名，全部董事均参与表决所有应表决议案。会议 的召集和召开符合《中华人民共和国公司法》及《公司章程》等法律、行政法规、 部门规章、规范性文件的规定，会议形成的决议内容合法有效。 具体内容详见公司同日于上海证券交易所网站（www.sse.com.cn）披露的《四 方股份 2025 年第三季度报告》。 2、审议通过《关于启航 2 号限制性股票激励计划首次授予部分第二个解除 限售期解除限售条件成就的议案》，同意票 3 票，反对票 0 票，弃权票 0 票；其 中关联董事高秀环、 ...

Financial Performance - The company's operating revenue for Q3 2025 reached CNY 2,111,345,645.43, representing a year-on-year increase of 30.65%[4] - The total profit for the period was CNY 257,464,537.43, reflecting a growth of 21.27% compared to the same period last year[4] - Net profit attributable to shareholders was CNY 227,817,414.62, up by 22.78% year-on-year[4] - The basic earnings per share for the quarter was CNY 0.28, an increase of 21.74% from the previous year[4] - Total operating revenue for the first three quarters of 2025 reached ¥6,131,570,784.23, an increase of 20.4% compared to ¥5,093,273,140.61 in the same period of 2024[26] - Net profit for the first three quarters of 2025 was ¥703,388,366.53, representing a 15.3% increase from ¥610,125,760.91 in the same period of 2024[28] - The total profit for the first three quarters of 2025 was ¥80,214,379.13, up from ¥41,009,872.10 in the first three quarters of 2024, marking a 95.7% increase[46] Assets and Liabilities - Total assets at the end of the reporting period amounted to CNY 11,853,807,556.43, a 7.32% increase from the end of the previous year[6] - The company's equity attributable to shareholders increased to CNY 4,729,392,500.35, marking a 3.37% rise compared to the previous year-end[6] - Total current assets as of September 30, 2025, amount to ¥10,637,901,645.50, an increase from ¥9,922,690,413.65 at the end of 2024[19] - Total liabilities increased to ¥7,123,664,614.18 from ¥6,466,552,166.92 year-over-year[23] - The company's total liabilities increased slightly to CNY 2,001,115,414.31 from CNY 1,979,366,896.20, reflecting higher short-term obligations[41] Cash Flow - The net cash flow from operating activities for the year-to-date was CNY 427,799,213.85, showing a decline of 25.44% year-on-year[4] - Cash generated from operating activities in the first three quarters of 2025 was ¥5,553,203,229.18, an increase from ¥4,853,236,418.16 in the same period of 2024[32] - The net cash inflow from operating activities was CNY 427,799,213.85, a decrease of 25.4% compared to CNY 573,740,733.56 in the previous period[36] - The total cash and cash equivalents at the end of the period stood at CNY 2,580,070,227.43, down from CNY 2,858,637,226.35[36] - Cash and cash equivalents at the end of the third quarter of 2025 were ¥1,006,965,525.88, down from ¥1,377,704,832.16 at the end of the third quarter of 2024[51] Shareholder Information - Total number of common shareholders at the end of the reporting period is 33,761[13] - The largest shareholder, Sifang Electric (Group) Co., Ltd., holds 325,509,686 shares, accounting for 39.06% of total shares[13] - The company has no significant changes in major shareholders or their shareholding status[15] Operational Insights - The company plans to continue expanding its market presence and enhancing its product offerings in the upcoming quarters[10] - The company has successfully transitioned its Huzhou intelligent equipment digital factory project into fixed assets, contributing to its growth strategy[10] - There are no significant reminders or other important information regarding the company's operational situation during the reporting period[16] Research and Development - Research and development expenses for the first three quarters of 2025 totaled ¥510,403,788.89, slightly up from ¥493,601,997.57 in the first three quarters of 2024[28] - Research and development expenses for the first three quarters of 2025 were ¥119,928,037.65, slightly higher than ¥117,566,576.14 in the same period of 2024[44] Investment Activities - The company reported a significant increase of 153.95% in trading financial assets due to investments in low-risk financial products[7] - Cash inflow from investment activities totaled CNY 1,786,375,336.06, significantly up from CNY 245,330,741.04, indicating a strong recovery in investment receipts[36] - The net cash outflow from investment activities was CNY 500,004,546.12, worsening from a net outflow of CNY 112,734,113.35 in the previous period[36] - Investment activities generated a net cash flow of -¥51,522,918.88 in the first three quarters of 2025, compared to a positive cash flow of ¥390,455,263.42 in the same period of 2024[49] Other Financial Metrics - The company reported a decrease in other comprehensive income, with a net amount of -¥315,522.79 compared to ¥321,506.33 in the previous year[30] - The company's financial expenses showed a decrease, with interest income of ¥22,168,174.18 in the first three quarters of 2025 compared to ¥29,829,919.02 in the same period of 2024[44] - The company incurred sales expenses of ¥102,631,881.88 in the first three quarters of 2025, a decrease from ¥113,878,671.64 in the same period of 2024[44] - The company reported a total of ¥20,732,224.67 in other income for the first three quarters of 2025, slightly lower than ¥21,695,420.99 in the same period of 2024[44]

Market Overview - The grid equipment sector increased by 4.64% compared to the previous trading day, with Jinpan Technology leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Stock Performance - Jinpan Technology (688676) closed at 75.60, up 11.19% with a trading volume of 323,900 shares and a transaction value of 2.397 billion [1] - Other notable performers include: - Unidentified Equipment (002270) at 27.02, up 10.02% [1] - Sifang Co., Ltd. (601126) at 29.46, up 10.01% [1] - Baowen Energy (605196) at 29.05, up 10.00% [1] - China West Electric (601179) at 8.15, up 9.99% with a trading volume of 2.7103 million shares [1] Capital Flow - The grid equipment sector saw a net inflow of 3.332 billion in main funds, while retail funds experienced a net outflow of 1.839 billion [2][3] - Key stocks in terms of capital flow include: - TBEA (600089) with a main fund net inflow of 1.074 billion, but a net outflow of 647 million from retail funds [3] - China West Electric (601179) with a main fund net inflow of 493 million and a net outflow of 280 million from retail funds [3]

Market Overview - The Shanghai Composite Index closed at 4001.98 points, above the five-day moving average, with a gain of 0.35% [1] - The total trading volume of A-shares reached 183.41 billion yuan [1] Stocks Performance - A total of 484 A-shares have surpassed the five-day moving average today [1] - Notable stocks with significant deviation rates include: - Digital People (11.77%) - Sanxiang Technology (10.45%) - Jinhua New Materials (9.20%) [1] Top Stocks by Deviation Rate - Digital People: - Today's price increase: 15.20% - Turnover rate: 16.90% - Latest price: 16.37 yuan [1] - Sanxiang Technology: - Today's price increase: 13.27% - Turnover rate: 10.72% - Latest price: 21.76 yuan [1] - Jinhua New Materials: - Today's price increase: 12.75% - Turnover rate: 23.32% - Latest price: 54.57 yuan [1] Additional Notable Stocks - Kangzhi Pharmaceutical: - Today's price increase: 14.37% - Turnover rate: 30.60% - Latest price: 7.96 yuan [1] - Huaxin Yongdao: - Today's price increase: 12.00% - Turnover rate: 8.41% - Latest price: 44.91 yuan [1] - Longi Green Energy: - Today's price increase: 10.00% - Turnover rate: 5.01% - Latest price: 20.79 yuan [1]

Core Viewpoint - The A-share market is experiencing a bullish trend, with the Shanghai Composite Index surpassing 4000 points, driven by strong performances in sectors such as non-ferrous metals and electric power [2][3]. Market Performance - As of the midday close, the Shanghai Composite Index rose by 0.37%, the Shenzhen Component increased by 0.9%, and the ChiNext Index gained 1.35% [2]. - The total market turnover reached 1.43 trillion CNY, showing a slight increase compared to the previous day [3]. Sector Highlights - The non-ferrous metals and electric power sectors saw significant gains, with stocks like copper foil and electric power equipment experiencing notable price increases [5][10]. - The brokerage sector, referred to as the "bull market flag bearer," also performed well, with several stocks hitting the daily limit up [5][10]. Notable Stocks - Copper Crown Copper Foil (39.89 CNY, +20.01%) and other electric power stocks like Shanghai Electric (30.14 CNY, +10.00%) showed strong upward movements [7][8]. - The tungsten sector also performed well, with stocks like Zhongtung High-tech and Zhongfu Industrial seeing significant gains [11]. Banking Sector - The banking sector faced a collective downturn, with 41 out of 42 bank stocks declining, including notable drops in Chengdu Bank (down over 5%) and Xiamen Bank (down nearly 4%) [12][13].

Core Points - The Shanghai Composite Index is at 3994.82 points, above the five-day moving average, with a slight increase of 0.17% [1] - The total trading volume of A-shares today is 10539.94 billion yuan, with 290 A-shares breaking through the five-day moving average [1] Summary by Category Stock Performance - Notable stocks with significant deviation rates above the five-day moving average include: - Digital Human (证券代: 920670) with a price increase of 15.55% and a deviation rate of 12.04% [1] - Sanxiang Technology (证券代: 920195) with a price increase of 14.32% and a deviation rate of 11.23% [1] - Kangzhi Pharmaceutical (证券代: 300086) with a price increase of 14.80% and a deviation rate of 9.06% [1] Trading Activity - The trading turnover rates for the top stocks include: - Digital Human at 10.89% [1] - Sanxiang Technology at 8.85% [1] - Kangzhi Pharmaceutical at 26.97% [1] Additional Stocks - Other stocks with notable performance include: - Fulongma (证券代: 603686) with a price increase of 9.98% and a deviation rate of 8.13% [1] - Sifang Holdings (证券代: 601126) with a price increase of 10.01% and a deviation rate of 7.47% [1] - Yuanda Intelligence (证券代: 002689) with a price increase of 10.07% and a deviation rate of 7.42% [1]

Core Insights - The new energy sector is experiencing a significant rally, with stocks such as Sifang Co., Huatong Cable, Changgao Electric, and State Grid Yingda reaching their daily limit up, contributing to a 4% surge in the Electric Grid Equipment ETF and a 3% increase in the Huaxia New Energy ETF [1] Industry Developments - The "14th Five-Year Plan" emphasizes new energy and nuclear fusion as new economic growth points, aiming to increase the supply ratio of new energy and accelerate the construction of a new energy system [2] - Sunshine Power's Q3 earnings exceeded expectations, with a net profit of 4.147 billion yuan, a year-on-year increase of 57.04%. Ganfeng Lithium turned profitable in the first three quarters, while TCL Zhonghuan significantly reduced losses in Q3. The new energy sector is seen as a core area for profit recovery [2] - According to AVIC Securities, demand from data centers will continue to drive overseas electricity and energy storage needs, opening up new applications in the energy storage industry. The rapid development of AI and information technology is expected to sustain global electricity demand growth and raise new requirements for grid reliability and intelligence [2] Notable Products and Performance - The Huaxia New Energy ETF (159368), which tracks the New Energy Index, rose by 3.25%. Key holdings include CATL (global power battery provider), Inovance Technology (automation equipment leader), Sunshine Power (inverter leader), Yiwei Lithium Energy, and XINWANDA (lithium battery giant) [3] - The Electric Grid Equipment ETF (159326), which tracks the China Securities Electric Grid Equipment Theme Index, increased by 4.19%. Major holdings include NARI Technology (domestic smart grid leader), TBEA (core supplier of global ultra-high voltage equipment), and Suyuan Electric (power equipment R&D and manufacturing) [3]